The Cyprus branch of the Royal Institution of Chartered Surveyors (RICS) has published its latest report on changes in the Cyprus Property Price Index.
According to the office's latest data, prices for most housing categories in the island nation rose by an average of 10 per cent in the first quarter of this year. At the same time, the growth in property prices in Cyprus is still below the figures recorded in the fourth quarter of 2009, which turned out to be a record.
Specifically, in the first quarter of 2024, on an annualised basis, the price of apartments increased by 9.3%, houses by 5.49%, retail space by 0.08%, warehouses by 3.75% and offices by 2.54%.
As for rental prices, an average increase of 10.57% was recorded compared to the corresponding quarter of 2023. In the first quarter of 2024, the rental value of apartments in Cyprus increased by 7.44 per cent, houses by 6.45 per cent, retail premises by 5.84 per cent, warehouses by 4.24 per cent and offices by 5.51 per cent.
According to the data for the first quarter of 2024, the market is showing stabilisation for most property categories, with the exception of apartment prices, which continue to rise, especially in Nicosia and Paphos.
Meanwhile, house prices in the Cypriot capital also increased in the first quarter of 2024, while remaining stable elsewhere. The value of warehouses and offices rose slightly, with the best-performing areas being Nicosia for warehouses and Larnaca for offices. The value of shops remained unchanged in almost all Cypriot cities. A slight decrease was recorded in Larnaca and Paphos. Finally, the value of warehouses fell in Limassol and Paphos.
Overall, the RICS Price Index indicates a positive outlook for the Cypriot property market, especially in the residential sector. This means that investors should take a closer look at these investment opportunities.
As a reminder, the Cyprus Property Price Index is a quarterly index that measures the change in average residential property prices. It covers all types of residential property, both new and second-hand. The source of the data used to establish the indices is the Department of Lands and Surveys of the Ministry of the Interior. The data covers all areas under the control of the Government of the Republic of Cyprus.
My personal feeling is that prices in Limassol have not increased, but have remained the same, and in some places have even decreased slightly by 1.5-3%. The same goes for renting. It is now much easier to find a suitable option for reasonable money. It is likely that all the other cities of Cyprus are slowly approaching the level of Limassol and therefore property in them is becoming more expensive and the general statistics on the island are changing, - commented Maxim Arte, broker of the DOM office in Limassol.